Global X Management Co. LLC recently announced the acquisition of new stake in Bit Digital Inc. (NASDAQ:BTBT). The institutional investor has increased its shareholding in the Financial company by 168.98% to 1.78 million shares with purchase of 1.12 million shares. This fresh investment now brings its stake to 2.16% valued currently at $2.24 million. In addition, Van Eck Associates Corp. raised its holdings by 0.95 million to 1.73 million shares. And Exchange Traded Concepts LLC has lifted its position by 60.03% or 0.45 million shares – to 1.2 million shares.
With over 3.25 million Bit Digital Inc. (BTBT) shares trading Tuesday and a closing price of $1.19 on the day, the dollar volume was approximately $3.87 million. The shares have shown a negative half year performance of -23.72% and its price on 03/14/23 gained nearly 1.71%. Currently, there are 83.33M common shares owned by the public and among those 75.50M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 1 analysts who have offered their price forecasts for BTBT have a consensus price objective of $2.00. The analysts have set the share’s price value over the next 12 months at a high of $2.00 and a low of $2.00. The average price target is 40.5% above its recent price level and an upside to the estimated low will see the stock gain 40.5% over that period. But an upside of 40.5% will see the stock hit the forecast high price target while median target price for the stock is $2.00.
The top 3 mutual fund holders in Bit Digital Inc. are Global X Blockchain ETF, Bitwise Crypto Industry Innovator, and VanEck Digital Transformation ETF. Global X Blockchain ETF owns 1.85 million shares of the company’s stock, all valued at over $2.33 million. VanEck Digital Transformation ETF now owns shares totaling to 1.22% of the shares outstanding.
Shares of Bit Digital Inc. (NASDAQ: BTBT) opened at $1.26, up $0.09 from a prior closing price of $1.17. However, the script later moved the day high at 1.2800, up 1.71%. The company’s stock has a 5-day price change of 2.59% and 58.67% over the past three months. BTBT shares are trading 98.33% year to date (YTD), with the 12-month market performance down to -61.24% lower. It has a 12-month low price of $0.53 and touched a high of $4.20 over the same period. BTBT has an average intraday trading volume of 2.09 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -6.72%, -3.09%, and -6.54% respectively.
Institutional ownership of Bit Digital Inc. (NASDAQ: BTBT) shares accounts for 8.30% of the company’s 83.33M shares outstanding. Mutual fund holders own 0.33%, while other institutional holders and individual stakeholders account for 8.49% and — respectively.
It has a market capitalization of $104.96M and a beta (3y monthly) value of 5.69. The earnings-per-share (ttm) stands at -$0.68. Price movements for the stock have been influenced by the stock’s volatility, which stands at 10.33% over the week and 9.82% over the month.
Analysts forecast that Bit Digital Inc. (BTBT) will achieve an EPS of -$0.13 for the current quarter, $0 for the next quarter and -$0.48 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.13 while analysts give the company a high EPS estimate of -$0.13. Comparatively, EPS for the current quarter was $0.07 a year ago. Earnings per share for the fiscal year are expected to increase by 34.40%, and 29.40% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 1 brokerage firm advisors rate Bit Digital Inc. (BTBT) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 0 of the 1 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the BTBT, a number of firms have released research notes about the stock. H.C. Wainwright stated their Buy rating for the stock in a research note on September 23, 2021, with the firm’s price target at $14.
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